Paul Thurrott from SuperSite for Windows talks about the new features of Office 12.
"Search is everywhere," Jaffe told me. "You'll see it in email, the offline document library, calendar, whatever. And sure enough, the new Search box appears front and center in each of the Outlook modules. In an email view, you'll see it above the list of email messages. You can search for specific words or phrases, as with the previous (and horribly broken) Find tool, or you expand your choices and fine tune the search by sender, message subject, message body, or recipient (like Advanced Find in previous versions). You can also add other search criteria, using a dramatically long drop-down menu..
You can read on over here. By the way, according to some sources Microsoft decided to rename Office 12 to Office 2007 but that's not official yet.